$9.36 Billion in Sales Expected for Best Buy Co., Inc. (BBY) This Quarter
Wall Street brokerages expect Best Buy Co., Inc. (NYSE:BBY) to post sales of $9.36 billion for the current fiscal quarter, according to Zacks. Eight analysts have issued estimates for Best Buy Co.’s earnings, with estimates ranging from $9.32 billion to $9.40 billion. Best Buy Co. reported sales of $8.95 billion in the same quarter last year, which indicates a positive year over year growth rate of 4.6%. The company is expected to issue its next earnings report before the market opens on Thursday, November 16th.
According to Zacks, analysts expect that Best Buy Co. will report full year sales of $9.36 billion for the current year. For the next fiscal year, analysts forecast that the firm will report sales of $40.64 billion per share, with estimates ranging from $39.68 billion to $41.33 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Best Buy Co..
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.67 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis.
A number of research analysts have issued reports on BBY shares. BidaskClub upgraded Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Zacks Investment Research upgraded Best Buy Co. from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Tuesday, October 10th. SunTrust Banks, Inc. set a $70.00 price objective on Best Buy Co. and gave the company a “buy” rating in a research note on Saturday, July 22nd. Loop Capital restated a “buy” rating and issued a $72.00 price objective on shares of Best Buy Co. in a research note on Monday, July 10th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Best Buy Co. in a research note on Wednesday, September 20th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $58.97.
Best Buy Co. (NYSE:BBY) opened at 55.20 on Friday. The stock has a market capitalization of $16.51 billion, a P/E ratio of 14.61 and a beta of 1.51. Best Buy Co. has a 12 month low of $37.10 and a 12 month high of $63.32. The company’s 50-day moving average is $56.09 and its 200-day moving average is $55.74.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th were issued a $0.34 dividend. The ex-dividend date was Monday, September 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.46%. Best Buy Co.’s payout ratio is currently 35.88%.
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In other Best Buy Co. news, insider Shari L. Ballard sold 2,246 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $134,580.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Corie S. Barry sold 787 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the sale, the chief financial officer now directly owns 54,159 shares in the company, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,259 shares of company stock worth $9,182,693. Insiders own 1.21% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Best Buy Co. in the 1st quarter valued at about $265,777,000. Dimensional Fund Advisors LP raised its holdings in shares of Best Buy Co. by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,828,752 shares of the technology retailer’s stock valued at $276,833,000 after acquiring an additional 154,426 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Best Buy Co. by 762.4% in the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock valued at $202,312,000 after acquiring an additional 3,119,700 shares in the last quarter. APG Asset Management N.V. raised its holdings in shares of Best Buy Co. by 27.6% in the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock valued at $190,263,000 after acquiring an additional 723,500 shares in the last quarter. Finally, LSV Asset Management raised its holdings in shares of Best Buy Co. by 3.5% in the 2nd quarter. LSV Asset Management now owns 2,015,293 shares of the technology retailer’s stock valued at $115,536,000 after acquiring an additional 69,000 shares in the last quarter. 88.06% of the stock is currently owned by hedge funds and other institutional investors.
About Best Buy Co.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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